Philippines General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

Philippines General Insurance Market Report Overview

The gross written premium of the Philippines’ general insurance market was PHP115.8 billion ($2.1 billion) in 2022. The market is expected to achieve a CAGR of more than 11% during 2023-2027. The Philippines General Insurance market research report provides an in-depth analysis of various product categories in the Filipino GI market. The report gives an overview of the country’s economic outlook and the general insurance regulatory and compliance framework. In addition, the report covers the emerging trends in the market segments, key performance indicators, and growth prospects for the Philippines GI industry for the forecast period.

Philippines General Insurance Market Outlook, 2022-2027 (PHP Billion)

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The report also gives an insight into the distribution channels, the key players, and the competitive landscape in the Philippines GI market.

Philippines General Insurance Market Trends

Some trends that will shape the Filipino general insurance market during the projected period are successful digital initiatives, the rising popularity of motor telematics, and growing awareness about comprehensive insurance, microinsurance, and parametric insurance.

Digital Initiatives: Insurance companies in the Philippines are taking advantage of new technologies to make insurance products more accessible and develop solutions to bring ease and convenience to the ecosystem the company serves. For instance, In November 2022, AIA Philippines created new platforms for its workforce and customers. It also developed various projects, such as the AYA chatbot for AIA Philippines, the Bessy chatbot for BPI AIA, and workflow protocols for providing customers with easy access to products and services through their company website, as well as tools, such as the iPoS, iServe, and iRecruit platforms for financial advisors to ease their work.

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Philippines General Insurance Market Segmentation by Lines of Business

The key lines of business in the Philippines’ general insurance market are property, motor, liability, financial lines, MAT, and miscellaneous. Property was the leading LoB accounting for the highest Philippines general insurance market share in 2022, supported by the increasing demand for Nat Cat insurance policies as the Philippines is prone to typhoons and earthquakes. Property insurance will also benefit from the growth in the construction sector and investments in large infrastructure projects.

Philippines General Insurance Market Analysis by Lines of Business, 2022 (%)

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Philippines General Insurance Market Segmentation by Distribution Channels

The key distribution channels in the Philippines’ general insurance market are insurance brokers, direct from insurers, banks, financial advisors, and online aggregators among others. Most of the consumers in the country preferred purchasing home building and content insurance from an insurance broker. In terms of motor insurance products, direct from insurers was the leading channel.

Philippines Home Building General Insurance Market Analysis by Distribution Channels, 2023 (%)

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Philippines General Insurance Market - Competitive Landscape

The Philippines general insurance sector was moderately concentrated. The key insurers in the Philippines’ general insurance market are Malayan Group, Pioneer Insurance, Prudential Guarantee, BPI/MS, and Standard Insurance among others. Malayan Group held the largest share in 2022. It was followed by Pioneer Insurance and Prudential Guarantee.

In June 2022, Malayan Insurance announced its partnership with Rizal Commercial Banking Corp. (RCBC) to offer microinsurance products through the RCBC DiskarTech mobile app. There are four microinsurance products available in the app. Depending on the product, policyholders are covered for accidental death, permanent disability, dismemberment, and unprovoked assault, with benefits ranging from medical reimbursement, burial expense, and protection while on public conveyance.

Philippines General Insurance Market Analysis, by Companies, 2022 (%)

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Segments Covered in the Report

Philippines General Insurance Market Lines of Business Outlook (Value, PHP Billion, 2018-2027)

• Property
• Motor
• Liability
• Financial Lines
• MAT
• Miscellaneous

Philippines General Insurance Distribution Channel Outlook (Value, PHP Billion, 2018-2027)

• Insurance Brokers
• Direct From Insurers
• Banks
• Financial Advisors
• Online Aggregators

Scope

This report provides:

• A comprehensive analysis of the general insurance segment in the Philippines.
• Historical values for the Philippine general insurance segment for the report’s review period and projected figures for the forecast period.
• Profiles of the top general insurance companies in the Philippines and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of the Philippine general insurance segment.
• A comprehensive overview of the Philippine economy, government initiatives, and investment opportunities.
• The Philippine insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• The Philippine general insurance industry’s market structure gives details of lines of business.
• The Philippine general reinsurance business’ market structure gives details of premium ceded along with cession rates.
• Distribution channels deployed by the Philippine general insurers.
• Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

• Make strategic business decisions using in-depth historical and forecast market data related to the Philippine general insurance segment.
• Understand the demand-side dynamics, key market trends, and growth opportunities in the Philippine general insurance segment.
• Assess the competitive dynamics in the general insurance segment.
• Identify growth opportunities and market dynamics in key product categories.